After 22 years of establishment and development, Vietnamese stock market has proved its functions to the economy. However, the limitations that hinder the development of the market still exist. Market upgrading is not only a way to build an image for the national financial market, but it also has a direct impact on the ability to attract foreign capital flows. Not only Vietnam but many other frontier markets are also trying to be upgraded to Emerging market. Currently, Vietnamese stock market is rated as a frontier market by MSCI (Morgan Stanley Capital International). In terms of MSCI’s quantitative criteria, Vietnamese stock market has reached the emerging market level, but there are still many qualitative criteria that Vietnamese stock market has not yet satisfied.